What you need to know about FoMo mining

cryptopal2 (29)in #blockchain • 6 years ago

The term FoMo is actually an abbreviation that means fear of missing out. It mostly applies to good things that most people wouldn’t just want to miss out on, especially fun stuff. One of the factors that have been attributed to the steady rise in cryptocurrency costs include the fear of missing out. This is actually a normal observation with most new ventures that are perceived to be valuable or to have potential to gain in value in the near future. This is exactly the promise that came with cryptocurrency that led people to invest in it in large numbers which in turn led to the rise in market value.

These people were not wrong because the best time to benefit from digital currency is to get it early before the rush drives the prices way higher than they would ideally be. While most early investors in these digital assets became instant millionaires, these market prices of the currencies keep fluctuating, which is normal and happens even to the regular currency.

This is why getting your portfolio of digital assets to keep growing is one of the advisable ways in which as an investor you can maintain the millionaire status. A good way to achieve this would be through trade mining. Trade mining is a process through which crypto exchangers can exchange their assets and share the profits with owners and community users within an exchange platform.

Some of the factors that asset owners need to pay attention to before diving into FoMo mining include:

1 . Security

This goes without say really, especially considering the fact that money, in whatever form is involved. Trade mining can be a very valuable venture and for that reason, you will need to trade on a secure platform on which you are guaranteed to get all your rewards as stipulated. With the number of fishy platforms available you can never be too careful.

2 . Model of business

This is the way in which digital asset owners operate on the platform. It involves how much money as an investor you need to trade using in order to get what amount of rewards. This will determine just how much profit you are bound to make depending on the amount of assets you would like to trade in. Knowing just how much you tend to gain from specific amounts of currency will inform the decision to trade mine or not.

3 . Reward structure

This entails just how rewards are given for the trade mining process. Just like with normal cryptocurrency mining where rewards are released after a difficult mathematical problem is solved, with trade mining rewards are also released. The frequency of release is where the difference comes in and this varies from platform to the next. With HIBTC, rewards are given on an hourly basis. Rewards are also given depending on the amount of tokens in holding with more tokens resulting in more rewards.

4 . Charges

These are the charges that a user would incur to carry out transactions within a platform. It includes deposit and withdrawal fees. Before diving into trade mining, you should ideally check the rates of transacting business on the platform. This will inform you on whether or not to go ahead depending on how much money you will have to spend to do anything on a particular platform.

5 . Incentives

Most trade mining platforms offer benefits outside of the regular reward system. With HIBTC, these rewards are given for friend invites. The more friends you invite to the platform, the more you earn in bonuses. Such kind of motivational incentives should be on your radar as well.

Trade mining should not be a difficult venture in the first place. For those digital currency owners who want to go into FoMo mining, the key is to do due diligence before deciding on a platform through which to mine and trade. Making informed decisions will not only save on a lot of time but also on money that would otherwise be lost in bad investments, losses or unnecessary charges.

An advantage of cashing in on FoMo mining is that it drives market prices high and therefore gives good return on investments. This can definitely be really good for an owner. HIBTC is one of the safest and most secure platforms on which one can mine their currency and be assured of impressive returns without too much hassle. It also uses the proof of equity mechanism and proof of mining hours to rewards miners which is meant to show transparency to all holders; adding to their trustworthiness.

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